Attached files
| file | filename |
|---|---|
| 8-K - ACCESS NATIONAL CORP. 8-K - ACCESS NATIONAL CORP | a50603847.htm |
| EX-99.2 - EXHIBIT 99.2 - ACCESS NATIONAL CORP | a50603847ex99_2.htm |
Exhibit 99.1
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Access National Corporation
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Condensed Consolidated Balance Sheet
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December 31, 2012
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(In Thousands)
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As Reported
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Adjustment for
Branch Closure
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Pro Forma Totals
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| Assets | |||||||||||||
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Cash and interest bearing deposits
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$ | 37,941 | $ | 27,010 | (1) | $ | 64,951 | ||||||
| Investments | 84,948 | - | 84,948 | ||||||||||
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Loans held for sale
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111,542 | (32,121 | ) | (2) | 79,421 | ||||||||
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Loans held for investment, net of allowance
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604,478 | - | 604,478 | ||||||||||
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Premises and equipment
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8,517 | - | 8,517 | ||||||||||
| Other assets | 16,488 | (848 | ) | (3) | 15,640 | ||||||||
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Total assets
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$ | 863,914 | $ | (5,959 | ) | $ | 857,955 | ||||||
| Liabilities | |||||||||||||
| Deposits | $ | 671,496 | $ | - | $ | 671,496 | |||||||
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Short-term borrowings
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83,091 | - | 83,091 | ||||||||||
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Subordinated debentures
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6,186 | - | 6,186 | ||||||||||
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Other liabilities
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11,874 | (382 | ) | (4) | 11,492 | ||||||||
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Total liabilities
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772,647 | (382 | ) | 772,265 | |||||||||
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Shareholders' Equity
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91,267 | (5,577 | ) | (5) | 85,690 | ||||||||
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Total liabilities and shareholders' equity
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$ | 863,914 | $ | (5,959 | ) | $ | 857,955 | ||||||
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(1) Increase in cash due to nonfunding of Branch loans offset by decrease in annual net cash settlements for loans.
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(2) Reduction for Branch loans held for sale at fair value.
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(3) Adjustment to other assets due to pipeline mark-to-market adjustments on the Branch pipeline.
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(4) Adjustment to other liabilities due to hedge adjustment on the Branch pipeline.
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(5) Impact of reduced net income on equity as if the Branch, which is closing in 2013, was not in existence in 2012.
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Access National Corporation
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Condensed Consolidated Statement of Income
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Year Ended December 31, 2012
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(In Thousands, Except for Share Data)
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As Reported
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Adjustment for
Mortgage Production
Branch Closure
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Pro Forma Totals
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Interest and dividend income
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$ | 36,716 | $ | - | $ | 36,716 | |||||||
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Interest expense
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5,165 | - | 5,165 | ||||||||||
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Net interest income
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31,551 | - | 31,551 | ||||||||||
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Provision for loan losses
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1,515 | - | 1,515 | ||||||||||
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Net interest income after provision for loan losses
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30,036 | - | 30,036 | ||||||||||
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Noninterest income
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54,794 | (22,296 | ) | (1) | 32,498 | ||||||||
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Noninterest expense
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56,399 | (13,153 | ) | (2) | 43,246 | ||||||||
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Income before income taxes
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28,431 | (9,143 | ) | 19,288 | |||||||||
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Provision for income taxes
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10,708 | (3,566 | ) | 7,142 | |||||||||
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Net income
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$ | 17,723 | $ | (5,577 | ) | $ | 12,146 | ||||||
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Earnings per common share:
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Basic
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$ | 1.73 | $ | (0.55 | ) | $ | 1.18 | ||||||
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Diluted
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$ | 1.71 | $ | (0.54 | ) | $ | 1.17 | ||||||
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Average outstanding shares:
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Basic
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10,253,656 | - | 10,253,656 | ||||||||||
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Diluted
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10,363,267 | - | 10,363,267 | ||||||||||
| (1) Reduction in gain on loans held for sale and realized hedging losses on Branch loans. | |||||||||||||
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(2) Reduction in Branch specific branch production expenses.
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